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Revolving Credit Card Debt in America

November 18, 2010 By Peter Renton Leave a Comment

Views: 25

Unlike many people I pay off my credit card in full every month. Yesterday there was this interesting graphic on Credit Sesame that provided great detail on our massive credit card debt. It varies by state but the average adult in the USA has over $5,000 in revolving credit card debt.

With people like me paying off their card every month skewing the average, my guess is that most people have balances north of $10,000. While that is bad, what is worse is that these people are paying extremely high interest rates in excess of 25% in many cases. That is probably why one of the most popular forms of loans on peer to peer lending platforms is debt consolidation. You use the loan to pay off the high credit card debt and leave yourself with a more manageable monthly payment.

Filed Under: Borrowing Tagged With: credit cards, credit sesame, debt

Views: 25

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LendIt Fintech News, Powered by Lend Academy, has been bringing you all the news and information about fintech and online lending since 2010 when it was founded by Peter Renton. We not only have the industry’s most active news site, but also the largest investor forum and the first and most popular podcast.

We are a team of fintech enthusiasts who have been covering the industry for many years. With a deep knowledge of online lending, digital banking, blockchain, artificial intelligence and more our team covers the daily news and writes in-depth editorials.

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